Cryptocurrency is one way people hide assets

On Behalf of | Jun 15, 2022 | Property Division

When you and your spouse decide to get a divorce, part of the court process revolves around dividing the assets that you own. This can be fairly complicated, but the court generally just wants to figure out which marital assets you own and how to divide them between the two of you.

To get around this, some people will decide to hide assets from their spouses. They will then lie to the court and claim they don’t own those assets, thus taking them out of the property division process. There are many ways that people do this, but one thing you need to be wary of is the rise of cryptocurrency.

Why do people use cryptocurrency?

One of the main reasons that people use cryptocurrency to hide assets is simply that it’s harder to track. The money is stored in online wallets, and cryptocurrency servers are available all over the world. In other words, your spouse may feel that it’s an easy way to make that money disappear so that you’ll never find it.

Another reason that people use cryptocurrency is simply that they may not even talk to their spouses about their investment portfolios. If your spouse has been investing in crypto through a phone app or a website, they may know that you have no idea that any digital investing has been going on. You will know about things like bank accounts or traditional investment portfolios, but your spouse may assume that cryptocurrency is an easier way to hide money from you because you may not even think of it in the first place.

For this reason, it’s important to be aware that people have been using cryptocurrency this way and it could happen to you. If your spouse is doing this, then you need to make sure you look into all of your legal options

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